Wumart Buys Thai Group's Chinese Stores In $302M Deal

Law360, New York (October 15, 2013, 4:38 PM EDT) -- Private equity-backed supermarket chain Wumart Stores Inc. will swallow up three dozen north and east China stores operated by rival retailer CP Lotus Corp. to expand its footprint in the regions through a stock swap worth HK$2.3 billion ($302 million), it said Tuesday.

The transaction significantly whittles CP Lotus' presence in a fragmented Chinese retail market, bringing its Chinese store count from 57 to 36. The Thai seller joins other overseas companies that have backed off or consolidated their Chinese holdings as the country's economy slows...
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